Mainor \u00dclemiste signed an agreement to purchase 51% of Technopolis \u00dclemiste shares, thereby once again becoming the sole developer of \u00dclemiste City. The transaction will enter into force once approved by the Competition Authority.<\/p>\n
Fifteen years ago, the largest business campus in the Baltics was solely owned by \u00dclo P\u00e4rnits. However, in 2010, Mainor \u00dclemiste and the Finnish stock exchange company Technopolis Plc created a joint venture, Technopolis \u00dclemiste, of which Estonians owned 49% and Technopolis 51%. Approximately one-third of the developed land in \u00dclemiste City became the property of Technopolis.<\/p>\n
Guido P\u00e4rnits, the Chairman of the Supervisory Board of Mainor \u00dclemiste and the primary owner of \u00dclemiste City relishes the opportunity to buy a company that will enable the effective development of \u00dclemiste City as a unique hub for smart business. “My father sold a significant part of his business in a difficult year, and we are making a long-planned buyback transaction also in an economically difficult time, which may seem like a somewhat unexpected step. In any case, he would be happy for us. Difficulties are there to become stronger and wiser by overcoming them.”<\/p>\n
“The deal that my father signed with Technopolis in 2010 gave us more development capacity, and we have realized these opportunities with both campus developers, including Technopolis \u00dclemiste, until today. Even though our participation in Technopolis \u00dclemiste was 49%, we have been able to move \u00dclemiste City forward as a whole, and it is noteworthy that the equity capital of Technopolis \u00dclemiste has increased significantly in those years,” explained Guido P\u00e4rnits. “Of course, the parent company Mainor AS has played a key role in the conceptual development of the campus, but we cannot underestimate the contribution of Technopolis as a partner. However, in recent years, we realized that their development has slowed down, and their decision to sell the company came at the right moment, in my opinion. Looking back at everything we have been able to achieve in a relatively short time, and to be successful not only in our own business activities but also a strong and substantial partner for the city of Tallinn and the state of Estonia, it was our wish to buy Technopolis ourselves and thus become the largest office real estate developer in Estonia.”<\/p>\n
The company, which will become whole again, has nearly 30 hectares of land to be developed on the campus and, according to detailed plans, 500,000 m2 of undeveloped land. In 18 years, a total of 167,000 m2 of office space, health centers and residential areas have been developed in \u00dclemiste City. A new health center and an educational quarter with a community building are currently being built. So far, developments have been made for 300 million euros, while the investment volume of Technopolis \u00dclemiste makes up approximately one-third of this.<\/p>\n
The new company will acquire almost a fifth of the office real estate targeted for the market in Tallinn.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mainor \u00dclemiste signed an agreement to purchase 51% of Technopolis \u00dclemiste shares, thereby once again becoming the sole developer of \u00dclemiste City. The transaction will enter into force once approved by the Competition Authority.\u202f<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-750","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"acf":[],"yoast_head":"\n